Astra International's revenue declined by 7.77% YoY
JAKARTA. PT Astra International Tbk. (ASII) recorded a 7.77% decline in profit in the first quarter (Q1) of 2020 to Rp 4.81 trillion, due to the decline in the performance of its heavy equipment, mining, construction, and energy businesses.
President Director of Astra International, Prijono Sugiarto said that in Q1 2020, Astra's automotive and financial services business lines were still quite solid. However, Astra Group's overall performance declined due to the decline in the performance of its heavy equipment, mining, construction, and energy businesses.
He said that besides weakening coal prices, the company's performance at the beginning of this year was also getting worse due to the COVID-19 pandemic in Indonesia.
Even so, the Astra Group still has a strong financial position, which makes it possible to mitigate risks in the increasingly challenging situation, said Priyono. (AM/AR)